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Payday Loan Cost Calculator

Work out payday loan cost instantly with clear inputs, formula shown and shareable results.

About Payday Loan Cost Calculator

Payday lenders quote a flat fee per unit borrowed over a very short term. Annualising that fee exposes the true cost: a fee that sounds small over two weeks translates into a triple-digit APR.

Formula

Payday APR

APR = fee/amount × 365/term days × 100

Worked example

With the default values below, Payday Loan Cost Calculator returns Effective Annual Percentage Rate of 391.1%. Change any input above and every figure here is recalculated in your browser.

Inputs used

Amount Borrowedminimum 0
20,000
Fee Per 100 Borrowedminimum 0
15
Term In Daysaccepts 1–90
14

Results

Effective Annual Percentage Rate
391.1%
Total Fee
$3,000.00
Amount Due At Term
$23,000.00
Cost Per Day
$214.29

Step by step

  1. 1Values used
  2. 2Payday APR
  3. 3Effective Annual Percentage Rate= 391.1
  4. 4Total Fee= 3,000.00
  5. 5Amount Due At Term= 23,000.00
  6. 6Cost Per Day= 214.29

Assumptions and limits

  • The result is derived only from the 3 inputs listed above. Anything not among them is not part of the calculation.
  • In particular, this calculator does not take inflation, tax or compounding frequency into account.
  • Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
  • Figures are estimates. Lenders apply their own rounding, fees and eligibility rules, and rates change. This is not financial advice — confirm the numbers with your lender.
  • This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Figures are estimates. Lenders apply their own rounding, fees and eligibility rules, and rates change. This is not financial advice — confirm the numbers with your lender.

Frequently Asked Questions

Why annualise a two-week loan?

So it can be compared with every other credit product, which is quoted annually. It also shows the cost of rolling the loan over repeatedly.

What makes rollovers dangerous?

Each rollover charges the fee again on the same principal, so the cost compounds while the debt does not reduce.

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